Financial aid is intended to help students pay for the cost of attending college or university, including tuition, fees, books, and living expenses.

Scholarships are awarded to students based on academic merit, financial need, or other criteria, and do not require repayment.

Grants are awarded based on financial need and do not require repayment, while loans must be repaid with interest. Grants are typically smaller than loans.

The maximum amount of federal student loans that an undergraduate student can borrow each year is $12,500.

The interest rate on federal student loans is 4.23% for undergraduate loans and 6.23% for graduate loans.

The repayment period for federal student loans is typically 10 years, but can be extended to 15 or 20 years under certain circumstances.

Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE) are all federal programs that allow students to make income-based payments on their student loans.

The maximum amount of time that a student can defer their student loans is 3 years.

The Direct Consolidation Loan is the federal program that allows students to consolidate their federal student loans.

Consolidating student loans can offer lower interest rates, simplified repayment, and an improved credit score.

Public Service Loan Forgiveness (PSLF) is the federal program that allows students to forgive their student loans after 10 years of public service.

To be eligible for Public Service Loan Forgiveness, you must work full-time for a government or non-profit organization, make 120 qualifying payments on your student loans, and have federal student loans.

Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE) are all federal programs that allow students to repay their student loans based on a percentage of their income.

The maximum amount of time that a student can be in forbearance on their student loans is 3 years.

Deferment is the federal program that allows students to temporarily stop making payments on their student loans.